Hanover Bancorp, Inc. - HNVR STOCK NEWS

Hanover Bank (NASDAQ: HNVR) has successfully completed its core banking system conversion on February 18, 2025, marking a significant technological upgrade aimed at enhancing digital banking capabilities and operational efficiency.

The new system features improved user interfaces, enhanced digital banking tools, and state-of-the-art security protocols. Key improvements include faster services, customizable business solutions, and enhanced reporting capabilities for better decision-making.

According to Chairman & CEO Michael P. Puorro, this conversion represents more than just a technological upgrade - it's designed to create long-term value for clients in an increasingly digital marketplace. The bank's employees have received comprehensive training to maximize the system's capabilities, enabling more efficient service delivery and automated back-office functions.

Hanover Bank (Nasdaq: HNVR) has unveiled a new logo as part of its brand identity refresh, symbolizing the bank's evolution in digital banking services. The initiative reflects the company's commitment to combining innovation with traditional banking values since its 2009 founding.

The rebranding effort, announced by Chairman and CEO Michael P. Puorro, encompasses a comprehensive update across all touchpoints, including digital platforms, branch signage, and advertising. The refreshed identity aims to showcase Hanover Bank's focus on delivering agile, innovative banking solutions while maintaining its core values of trust and stability.

Hanover Bancorp (HNVR) reported Q4 2024 net income of $3.9 million or $0.52 per diluted share, with notable performance highlights including record non-interest income of $4.2 million, up 28.67% YoY. Net interest income increased to $13.8 million, up 9.08% YoY, while net interest margin expanded to 2.53%.

The company maintained a strong liquidity position with $713.1 million in undrawn sources, covering 283% of uninsured deposits. Core deposits grew by $74.1 million YoY, with 87% of total deposits being insured or collateralized. The loan portfolio showed diversification success with C&I loans increasing 56.52% YoY.

Asset quality remained solid with non-performing loans at 0.82% of the total portfolio. The company declared a $0.10 per share cash dividend payable February 19, 2025. Tangible book value per share increased 6% YoY to $23.86.

Hanover Bancorp (HNVR) reported Q3 2024 net income of $3.5 million or $0.48 per diluted share. Key highlights include record non-interest income of $4.0 million, up 9.17% quarter-over-quarter, and net interest income of $13.1 million, up 11.04% year-over-year. The company's net interest margin improved to 2.37%. Core deposits increased by $71.0 million or 5.14% from December 2023, while total loans grew to $2.01 billion. The company declared a $0.10 quarterly cash dividend payable November 13, 2024.

Hanover Bancorp, Inc. (Nasdaq: HNVR) hosted a celebration at their Hauppauge Business Banking center on September 19, 2024, to thank the community for their support in Suffolk County. Michael P. Puorro, Chairman and CEO, expressed gratitude for the warm welcome received since expanding into the area. The event highlighted the bank's integration into the Long Island Innovation Park at Hauppauge and its contribution to the local economy.

The bank's new state-of-the-art office facility, developed by Aresco 410 , showcases collaboration with the Suffolk County Industrial Development Association (IDA). The building, located at 410 Motor Parkway, benefits from recent zoning changes and sewer expansion in Smithtown. Hanover Bank employs approximately 65 people at this center, offering commercial, municipal, and consumer retail banking products to the Long Island community.

Hanover Bancorp announced grants to seventeen local non-profit organizations as part of the Federal Home Loan Bank of New York's (FHLBNY) Small Business Recovery Grant Program. The program aims to support small businesses and non-profits facing economic challenges due to the current economic environment, including inflation, supply-chain constraints, and rising energy costs.

Michael P. Puorro, Chairman and CEO of Hanover Bancorp, expressed gratitude to the FHLBNY for providing these funds to organizations adversely affected by economic conditions. Hanover Bank has participated in this program before and continues to support local non-profits not only through grants but also through employee involvement in these causes.

Hanover Bancorp (NASDAQ: HNVR) reported Q2 2024 earnings, with net income of $0.8 million or $0.11 per diluted share, compared to $4.1 million or $0.55 the previous quarter. Net interest income was $13.2 million, a 2.4% increase from Q1 2024, but a 1.9% decrease from Q2 2023. Non-interest income hit a record $0.1 million, a 1.3% increase from Q1 2024. The company declared a $0.10 quarterly dividend payable on August 14, 2024. Core deposits rose by $95.4 million since December 2023. Loans totaled $2.01 billion, up by $7.4 million from Q1 2024.

Asset quality remained solid, with non-performing loans at 0.79% of the total loan portfolio. Hanover plans to open a new branch in Port Jefferson, NY.

For the six months ended June 2024, net income was $4.9 million, down from $6.3 million in the same period in 2023. The company saw a decrease in net income due to higher credit loss provisions and rising funding costs. The effective tax rate dropped to 27.2% in Q2 2024 from 29.9% in Q2 2023.

Hanover Bancorp, Inc. reported strong financial performance in the first quarter of 2024 with increased net income, net interest income, and non-interest income. The company's net income reached $4.1 million, showing growth in diluted earnings per share of 7.8% from the prior quarter and 27.9% from the same quarter in 2023. Net interest income increased to $12.9 million, reflecting growth in new loan growth at higher market rates. Non-interest income also saw a significant increase. The company's liquidity position remained strong, with undrawn liquidity sources totaling $644.1 million. Core deposits and total deposits showed growth, and loans increased by $48.3 million. The asset quality remained strong, with non-performing loans at 0.74% of the total loan portfolio. The company's banking initiatives, including SBA & USDA banking, C&I banking, and residential lending, contributed to the positive results. Hanover Bancorp also declared a $0.10 per share cash dividend for common and Series A preferred shares.

Hanover Bancorp, Inc. reported net income of $3.8 million for the quarter ended December 31, 2023, with adjusted net income of $4.0 million. Net interest income was $12.7 million, and non-interest income increased to $3.3 million. Total deposits grew by 9.8%, and loans increased by 17.6% annualized. The company also achieved a $0.10 per share cash dividend and filed a shelf registration on Form S-3.